TMI Blog2019 (12) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Income Tax versus M/s. Aarham Softronics [ 2019 (2) TMI 1285 - SUPREME COURT] An undertaking or an enterprise which had set up a new unit between 7th January, 2003 and 1st April, 2012 in State of Himachal Pradesh of the nature mentioned in clause (ii) of subsection (2) of Section 80IC, would be entitled to deduction at the rate of 100% of the profits and gains for five assessment years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee would be entitled to 100% deduction again for the next five years. On the other hand, if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five years, deduction @ 25% of the profits and gains for the next two years and @ 100% again from 8th year as this year becomes 'initial assessment year' o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed and delay in filing the appeal is condoned. The application is disposed of accordingly. ITA No. 33 of 2019 3. Learned counsel for the parties are ad idem that this appeal is covered by judgment, dated 20th February, 2019, passed by the apex Court in Civil Appeal No. 1784 of 2019, titled Pr. Commissioner of Income Tax versus M/s. Aarham Softronics. It is apt to reproduce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary, 2003 and 1st April, 2012 in State of Himachal Pradesh of the nature mentioned in clause (ii) of subsection (2) of Section 80IC, would be entitled to deduction at the rate of 100% of the profits and gains for five assessment years commencing with the 'initial assessment year'. For the next five years, the admissible deduction would be 25% (or 30% where the assessee is a company) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five years, deduction @ 25% of the profits and gains for the next two years and @ 100% again from 8th year as this year becomes 'initial assessment year' once again. However, this 100% deduction would be for remaining three years, i.e. 8th, 9th and 10th assessment years. 4. Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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